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CIT Direct Capital business loans

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Working capital up to $250,000 with daily or weekly repayments.

CIT business loans could be best for businesses that need last-minute funding to cover operating expenses. You can get funded as soon as the same business day, if you apply early enough. But you’ll have to sign up for automatic daily or weekly repayments, making it less flexible than other options.


Max. Amount


Product NameCIT Working Capital Business Loan
Max. Amount$250,000
Loan Term6 to 18 months
RequirementsCIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

First, do I qualify?

CIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

What makes CIT business loans unique?

CIT offers some of the fastest business loans out there. It takes just a few minutes to fill out the application. And you could potentially receive funding the same business day.

What is a CIT business loan?

CIT offers working capital loans up to $250,000 at rates starting at 9.99% APR. It’s designed to cover day-to-day expenses, like buying inventory or equipment, covering gaps in your cashflow and marketing. You can apply online by filling out a quick application.

Other types of business financing from CIT

CIT also offers the following types of financing for small businesses:

  • Equipment financing. Borrow up to $500,000 with rates starting at 5.49% APR and terms running from six to 72 months.
  • SBA loans. CIT offers SBA 7(a), 504 and conventional owner-occupied commercial real estate (CRE) loans to small businesses looking for larger amounts of financing.
  • Franchise financing. Funding between $2,000 and $3 million tailored specifically to the needs of franchises.
  • Supply chain financing. Working capital to cover expenses while you’re waiting for payments from your clients to come through.
  • Factoring. Sell your business’s unpaid invoices to CIT to get the funds you need to cover business expenses — with options for international transactions.

What are the benefits of a CIT Direct Capital business loan?

From its competitive rates to its fast turnaround, here are a few perks of taking out a CIT Direct Capital business loan:

  • Quick application. CIT’s simple application only takes a few minutes to complete.
  • Fast turnaround. You could potentially get funds the same business day.
  • Competitive rates. Short-term working capital loans often cost more than what CIT offers.

What to watch out for

Consider these potential drawbacks before applying for a CIT business loan:

  • Daily or weekly repayments. This could give less flexibility to businesses that get most of their funds a few times a month.
  • Short terms. Shorter loan terms mean higher repayments — though you can save in interest.
  • Limited information online. You have to contact customer service to find out if you’re eligible, what fees to expect and other basics about the loan.

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Updated October 22nd, 2019
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What do borrowers say about CIT Bank?

Not much as of September 2019. Only 13 customers have reviewed it on the Better Business Bureau (BBB) website, giving it an average of 2.5 out of 5 stars. And 90 customers have filed complaints against the business, which gives it a B- BBB rating based on its failure to respond to six of these complaints. It doesn’t have any reviews on its Trustpilot page.

The main complaint? Customer service. Several customers stated they were unable to get a straight answer from representatives or were misled about the terms of their loans.

How do I apply?

You can apply by filling out a quick online form. Follow these steps to get started:

  1. Go to the CIT website and click Business in the main menu.
  2. Click Apply now.
  3. Fill out the form with basic information about yourself and the funds you want to borrow. Click Next.
  4. Complete the form with information about your business. Click Next.
  5. Provide additional information about yourself. If you aren’t the only owner, click Add Owner and have them fill out their personal information. Click Next.
  6. Review your answers, clicking Edit if you notice any errors.
  7. Review the disclosures. Check the box agreeing to the disclosures and e-sign your application. Click Apply Now.

After you submit the application, wait for CIT to get back to you with further instructions to upload documents and provide additional information. After you review and sign the loan contract, you could get funded as soon as the same business day.

What documents do I need to apply?

CIT doesn’t specify what types of documents it requires. But you might expect to submit bank or revenue statements at the very least.

I got the CIT business loan. Now what?

It’s time to start paying off your loan. Depending on your contract, CIT deducts daily or weekly repayments directly from your business’s bank account. If you have any questions or concerns, reach out to customer service by calling 800-253-0157.

Bottom line

Businesses in need of fast emergency funding could find CIT’s working capital loans helpful. But the daily or weekly repayments and the short terms might make this loan a little too inflexible for some businesses to handle.

You can find out how it compares to similar products by checking out our guide to business loans.

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